Most Gulf bourses rise on Gaza ceasefire

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Most Gulf bourses rise on Gaza ceasefire

4:27 CAT | 20 Jan 2025

File photo: Reuters

Most stock markets in the Gulf ended higher on Monday, helped by the ceasefire deal between Israel and Palestinian militant group Hamas, while investors awaited key policy announcements from U.S. President Donald Trump’s incoming administration.

Hamas released three Israeli hostages and Israel released 90 Palestinian prisoners on Sunday, the first day of a ceasefire that suspends a 15-month-old war that has devastated the Gaza Strip and inflamed the Middle East.

Saudi Arabia’s benchmark index (.TASI), opens new tab gained 0.4%, with ACWA Power Company (2082.SE), opens new tab advancing 4.4% and Etihad Etisalat Company (7020.SE), opens new tab increasing 1.8%.

In Abu Dhabi, the index (.FTFADGI), opens new tab nudged 0.1% higher.

Oil prices – a catalyst for the Gulf’s financial markets – were steady as traders awaited Donald Trump’s inauguration in the hope of some clarity on his policy agenda, including plans to end the Russia-Ukraine war.

The Qatari benchmark (.QSI), opens new tab rose 0.4%, led by a 2.2% gain in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.

Trump is widely expected to make a flurry of policy announcements in the first hours of his second term as U.S. president.

Dubai’s main share index (.DFMGI), opens new tab dropped 0.3%, hit by a 2.9% fall in toll operator Salik Company (SALIK.DU), opens new tab.

Outside the Gulf, Egypt’s blue-chip index (.EGX30), opens new tab lost 0.4%, with Commercial International Bank Egypt (COMI.CA), opens new tab falling 0.9%.

SAUDI ARABIA
(.TASI) rose 0.4% to 12,380

Abu Dhabi
(.FTFADGI) up 0.1% to 9,507

Dubai
(.DFMGI) lost 0.4% to 5,196

QATAR
(.QSI) gained 0.4% to 10,508

EGYPT
(.EGX30) down 0.4% to 29,619

BAHRAIN
(.BAX) eased 0.1% to 1,906

OMAN
(.MSX30) was flat at 4,617

KUWAIT
(.BKP) added 0.6% to 8,054

Donald Trump will be sworn in today as U.S. president, with traders preparing for another turbulent four-year term.

Source: Reuters